Gold Monthly Analysis
Please comment & inform me if this is correct & how I can improve or where I have made mistakes - Thank you.
-
The trend is currently bearish in a wave 3 directional move going into a wave 4 pullback. Candles of the past week have been short with no volume in comparison to the previous 3 weeks; change of direction sign. In addition, it is travelling through a parallel channel.
Most importantly gold has now ow touched the psychological level of 1700 (proving a sign of a pull back.
-
RSI level has touched 30 with a double bottom; a sign of convergence. With the stochastic indicator also touching 30. The Moving average is touching and meeting the level of 1775 psychological level & the area of a golden pull back (Fibonacci 0.382 - 0.618) for the next run of 3 to 4 weeks. Now it is touching the lower band of Bollinger Bands showing signs of rejection.
-
-
The trend is currently bearish in a wave 3 directional move going into a wave 4 pullback. Candles of the past week have been short with no volume in comparison to the previous 3 weeks; change of direction sign. In addition, it is travelling through a parallel channel.
Most importantly gold has now ow touched the psychological level of 1700 (proving a sign of a pull back.
-
RSI level has touched 30 with a double bottom; a sign of convergence. With the stochastic indicator also touching 30. The Moving average is touching and meeting the level of 1775 psychological level & the area of a golden pull back (Fibonacci 0.382 - 0.618) for the next run of 3 to 4 weeks. Now it is touching the lower band of Bollinger Bands showing signs of rejection.
-
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.